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Kanable Case Information - Meeting of Creditors Explanation



Meeting of Creditors Explanation

Section 341 of the Bankruptcy Code requires a “meeting of creditors” to be held in every bankruptcy case.  This meeting of creditors is also referred to as the “341 meeting” or the “first meeting of creditors”. Paul Gresk has been appointed the chapter 7 trustee in the Kanable bankruptcy case and will be presiding over the meeting of creditors to be held on June 23, 2014.  At that meeting, the Kanables will be sworn under oath and Trustee Gresk will ask them questions about the information they disclosed in their bankruptcy schedules and statement of financial affairs.  The meeting of creditors is not a court hearing although it is recorded. Trustee Gresk is not a judge but he is an attorney who has been appointed by the United States Trustee to serve as a trustee in chapter 7 bankruptcy cases.  After Trustee Gresk has concluded his questioning, he will allow creditors in attendance to ask questions.  Creditors are encouraged to attend the meeting of creditors but attendance is not required.  Creditors are not required to be represented by an attorney in the meeting but if they are, the creditor’s attorney may also question the debtors about their schedules and statement of financial affairs.  The bankruptcy judge assigned to this case and the judge’s staff is prohibited from attending this meeting of creditors. 

The Trustee’s job is to determine whether there are assets in the bankruptcy estate that are available to liquidate and reduce to proceeds to pay to creditors.  This determination may be made soon after the conclusion of the meeting of creditors.  If the Trustee determines that there are available assets to be liquidated, creditors will be notified of the deadline to file a proof of claim and where to send the proof of claim. A creditor’s  failure to attend the meeting of creditors does not affect its right to file a proof of claim.





Meeting of Creditors Notice




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Last Updated: 4 June 2014